When Is It Time To Renovate Your Rental Unit? 5 Signs You're Ready
Are you wondering why your unit just can't seem to keep any tenants? It may be that your unit has aged to the point where it's no longer desirable. It can be easy to lose track. Here are a few signs it's time to renovate your rental.
1. Your Property Management Company Can't Fill the Unit
Property management companies only get paid when units are filled. If your unit isn't attracting tenants, then it's likely that there's something wrong with the unit itself.
2. Your Unit Has Fallen Behind the Competition
Take some time to look at other units within your area. Do they have the same amenities and features as your unit? Or do they have more? If your competition has granite counters and wood floors, your apartment probably needs to have these things as well. The only exception is if you plan on lowering your rent to be significantly lower than the competition, which comes with its own problems.
3. You Have Excess Earnings to Invest
Have you been putting your earnings away in a separate account? If the money has stacked up, it may be time to invest. Renovating an apartment means that you can charge more for it long-term, which is a good use of money. It also means that you're less likely to encounter a serious issue, such as something breaking, that could cost you money.
4. You Haven't Renovated the Unit in a While
Most rental units can do with a refresh about every 10 years. It doesn't have to be a complete gutting; sometimes something as simple as changing fixtures and appliances can be more than enough.
5. Your Unit Has Fallen Into Disrepair
Are your tenants complaining that things are falling apart? If the carpet has faded, tiles are chipped and cracked, and other signs of wear are present, then it's likely time to renovate your unit.
The better looking your unit is, the more likely you will be to attract tenants who are responsible with properties and who are willing to pay more in rent. Replacing and repairing items that have been damaged will ultimately make you more money.
Do you think your unit needs to be renovated? A full-service property management company can help. Full-service property companies manage everything for you, from emergency repairs to scheduled renovations. If you want some advice and help, contact a property management company today.
